Consumer Surplus

question 172

Multiple Choice

Consumer surplus

• A) equals total revenue minus marginal cost.
• B) is maximized when the market outcome is efficient.
• C) equals total revenue minus opportunity cost.
• D) plus producer surplus is maximized when resources are used efficiently.

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Definitions:

Inhibited Temperament

A disposition marked by a tendency to avoid or withdraw from unfamiliar people, situations, or environments.

Choleric

One of the four traditional temperaments; characterized by quickness to anger and aggressive or domineering tendencies.

Sanguine

Sanguine describes a personality type that is cheerful, optimistic, and confident.

Pensive

Reflective and thoughtful, often in a melancholy or solemn way.